The right public-private partnership model must be adopted in order for countries to achieve an equitable balance of public and private interests, says Prime Minister Datuk Seri Najib Tun Razak.

He said Malaysia had learnt that one of the ways to reap maximum benefits from this approach was to have competitive bidding, and not a first come first served approach.

“As such, it is critical that right from the very onset, a right model is adopted. It is only with the right model that an equitable balance of public and private interests can be achieved,” he said in his keynote address at the Jeddah Economic Forum 2016, late Tuesday night.

The JEF 2016 is a platform that focuses on public-private partnerships, by debating solutions and discussing how to overcome challenges, explore business opportunities, and assess the economic benefits offered by Saudi Arabia.

Najib said that the public-private partnerships were essentially long-term concession agreements with long-term impact.

“Negotiators on the government side must match the capabilities and competencies from those representing the private sector. This is to ensure fair and well-balanced results,” he said.